Latest Economy News

Stocks hit summer highs as Fed sees progress on inflation

Feb. 01, 2023 16:42 PM EST

NEW YORK (AP) — Wall Street climbed Wednesday to its best level since the summer following the latest hike to interest rates by the Federal Reserve, which said it’s finally seeing improvements in inflation. The S&P 500 rallied back from an early 1% loss to rise 1% after Fed...

India to raise spending on job creation ahead of election

Feb. 01, 2023 06:59 AM EST

NEW DELHI (AP) — Indian Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year. Finance...

South Korea logs record trade deficit as tech demand falls

Jan. 31, 2023 23:41 PM EST

SEOUL, South Korea (AP) — South Korea logged its biggest monthly trade deficit ever, at $12.7 billion in January, as exports of computer chips and other high-tech items sank and costs for importing oil and gas surged, the trade ministry said Wednesday. The growing shortfall...

Asian stocks higher ahead of Fed rate decision

Jan. 31, 2023 23:06 PM EST

BEIJING (AP) — Asian stock markets were higher Wednesday after Wall Street rose ahead of what traders hope will be the last Federal Reserve interest rate hike for some time. U.S. futures edged lower, while oil prices gained. Traders assume the Fed will announce a...

US consumer confidence lags as 2023 gets under way

Jan. 31, 2023 10:35 AM EST

American consumers are kicking off 2023 a bit less confident than they were at the end of last year as inflation and the possibility of a recession loom. The Conference Board reported Tuesday that its consumer confidence index slipped to a still-optimistic 107.1 in January, down from...

GM quarterly profit jumps 16% as sales rebound late in 2022

Jan. 31, 2023 09:56 AM EST

DETROIT (AP) — Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors' fourth-quarter net income up 16% over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share,...

Europe scrapes out economic growth by dodging gas disaster

Jan. 31, 2023 09:03 AM EST

FRANKFURT, Germany (AP) — Europe’s economy scraped out meager gains at the end of last year as galloping inflation fed by high energy prices and Russia’s invasion of Ukraine deterred people from spending in shops and restaurants. Economic output crept 0.1% higher in the last...

Samsung's profit plummets amid global economic woes

Jan. 31, 2023 00:00 AM EST

SEOUL, South Korea (AP) — Samsung Electronics said Tuesday its profit for the last quarter plummeted nearly 70% as a weak global economy depressed demand for its consumer electronics products and computer memory chips. The company’s operating profit of 4.3 trillion won ($3.5...

Asian shares fall in muted trading ahead of Fed meeting

Jan. 30, 2023 23:05 PM EST

TOKYO (AP) — Asian shares mostly fell in muted trading Tuesday as investors awaited decisions on interest rates and earnings reports from around the world. Traders were awaiting the U.S. Federal Reserve’s decision on interest rates, expected on Wednesday. They are also watching...

IMF upgrades outlook for the global economy in 2023

Jan. 30, 2023 22:39 PM EST

WASHINGTON (AP) — The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. That's the view of the...